EastGroup Properties (NYSE:EGP) Coverage Initiated at Deutsche Bank Aktiengesellschaft

Research analysts at Deutsche Bank Aktiengesellschaft started coverage on shares of EastGroup Properties (NYSE:EGP) in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $180.00 price target on the real estate investment trust’s stock. Deutsche Bank Aktiengesellschaft’s price objective would suggest a potential upside of 11.41% from the company’s current price.

Several other brokerages have also recently issued reports on EGP. Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $185.00 to $200.00 in a research note on Wednesday, December 11th. Truist Financial lowered their price target on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a research note on Tuesday, December 17th. Royal Bank of Canada reissued a “sector perform” rating and issued a $186.00 target price on shares of EastGroup Properties in a research note on Wednesday, October 30th. Finally, Wedbush restated an “outperform” rating and issued a $209.00 price target on shares of EastGroup Properties in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $190.88.

EastGroup Properties Stock Down 0.4 %

Shares of NYSE EGP opened at $161.56 on Tuesday. The firm has a market cap of $8.00 billion, a price-to-earnings ratio of 33.38, a price-to-earnings-growth ratio of 2.23 and a beta of 1.00. The company’s 50-day simple moving average is $167.21 and its 200-day simple moving average is $177.05. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties has a 52-week low of $155.10 and a 52-week high of $192.61.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. EastGroup Properties’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.95 earnings per share. Equities analysts predict that EastGroup Properties will post 8.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of EastGroup Properties by 67.9% during the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock worth $291,081,000 after purchasing an additional 629,827 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in EastGroup Properties by 355.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust’s stock worth $73,158,000 after buying an additional 305,555 shares during the last quarter. Millennium Management LLC boosted its position in shares of EastGroup Properties by 202.1% during the 2nd quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock worth $32,036,000 after acquiring an additional 125,991 shares in the last quarter. Vision Capital Corp purchased a new position in shares of EastGroup Properties in the 3rd quarter valued at about $18,308,000. Finally, Thrivent Financial for Lutherans raised its position in shares of EastGroup Properties by 73.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 151,103 shares of the real estate investment trust’s stock worth $25,702,000 after acquiring an additional 64,099 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.